US equities remained resilient on Thursday despite another sharp rise in Treasury yields, with the major indices finishing close to flat. Further comments from Federal Reserve officials suggested that additional rate hikes may still be needed to control inflation, lifting yields and the US dollar. Oil reached one-week highs as renewed regional supply concerns emerged, while gold finished modestly lower. Today’s economic calendar is quieter, although Middle East developments, central-bank commentary and US data are expected to keep volatility elevated.
📊 Equities
US stock markets remained relatively resilient in trading yesterday despite another sharp move higher in Treasury yields. The major indices finished close to flat, with investors continuing to balance concerns over tighter monetary policy against underlying support for equities.
🛢️ Oil
Oil prices surged to one-week highs as continued Houthi attacks on Saudi Arabia renewed concerns over regional supply disruptions. Brent jumped nearly 4% on the session, while WTI also recorded strong gains.
🥇 Gold
Gold experienced another volatile trading day, ultimately finishing modestly lower as the stronger dollar and higher US yields weighed on the precious metal.
💵 FX & Bonds
US Treasury yields pushed higher across the curve after further comments from Federal Reserve officials suggested that additional interest rate hikes could be required to bring inflation under control. The benchmark 10-year yield climbed further above the 5% level, while the 30-year yield notably touched levels not seen since 2004. Higher yields provided further support for the US dollar, which gained ground against the major currencies.
| Market | Change | Close |
|---|---|---|
| Dow | -0.31% | 51,349 |
| S&P | -0.02% | 7,704 |
| Nasdaq | +0.01% | 26,939 |
| USD | +0.14% | 101.26 |
| US Treasury – 2 Year | +2.7 bps | 4.924% |
| US Treasury – 10 Year | +8.4 bps | 5.198% |
| Oil – Brent | +3.79% | $106.99 |
| Oil – WTI | +2.45% | $94.61 |
| Gold | -0.21% | $4,277.98 |
📌 Today’s Focus
It is a quieter day on the economic calendar today as markets round out the trading week. However, volatility is expected to remain elevated, with traders continuing to monitor developments in the Middle East alongside comments from central bank officials and the latest US economic data.
🔹 European Session – 7.15 pm – UK – Bank of England Governor Andrew Bailey Speaks
🔹 US Session – 10.30 pm – US – Durable Goods Orders Data
🔹 US Session – 12.00 am – US – Revised University of Michigan Consumer Sentiment Data
🔹 US Session – 12.00 am – US – Revised University of Michigan Inflation Expectations Data